Magnetic Flow Meter Market to Surpass Valuation of US$ 2.7 Bn by 2030
Dec 03, 2022
Transparency Market Research delivers key insights on the global magnetic flow meter market. In terms of revenue, the global magnetic flow meter market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global magnetic flow meter market.
The global magnetic flow meter market is broadly affected by several factors, including maintenance-free design that offers longer service life and integration of advanced technologies. The market for magnetic flow meter systems is likely to take off and it will be interesting to observe how the contending innovation based new technology changes in the years ahead.
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Magnetic Flow Meter Market: Dynamics
The maintenance-free design offers longer service life of magnetic flow measuring devices, providing cost-effective flow measurement with a high degree of accuracy for a wide range of process conditions. Magnetic flow meters are volumetric flow meters, which do not have any moving parts. The fixed parts in these magmeters make these systems more reliable and they show consistent results. As there are no moving parts in magnetic flow meters, sensors are not directly immersed in the liquid, eliminating wear and tear concerns. This makes these systems reliable and easy to operate with limited maintenance. The expected service life of magnetic flow meters is approximately 30 years, which is beneficial to the user as a one-time investment, although electrodes may need to be periodically cleaned.
Most human activities that use water produce wastewater. As the overall demand for water grows, the quantity of wastewater produced and its overall pollution load are continuously increasing worldwide. For wastewater treatment, a magnetic flow meter combined with a level transmitter is used for open channel sludge and effluent systems in end-use industries in most parts of the world. Hence, the increasing demand for magnetic flow meters in wastewater treatment is the latest trend in the market.
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Over the past few years, various advancements have been introduced in magnetic flow meters, such as the introduction of wireless connectivity and compatibility with smart devices. The electromagnetic induction technology is a good fit for liquid flow measurement despite some limitations related to non-conductive fluids. Once the magnetic flow meter is calibrated with water, it can be used to measure other types of conductive fluid with no additional correction. In order to make flow rate measurement easier and more reliable, some manufacturers have already introduced new advanced technologies in the flow meters for the benefit of customers.
Various factors can influence and affect the results of a magnetic flow meter. These include the type of fluid being measured, if the measured fluid corrosive or not, or is waste water or clean water being measured, etc. Other factors hampering the performance of magnetic flow meters is that, if the flow meters are placed very close to pumps, valve elbows, and other obstructions, and unstable or irregular flows can impact performance.
Magnetic Flow Meter Market: Prominent Regions
The U.S. holds leading share of the North America magnetic flow meter market. The market in the country is expected to expand at a moderate rate during the forecast period. The U.S. has extensive availability of technologically advanced products. The requirement of magnetic flow meter systems in the U.S. market is increasing rapidly due to various requirements in different industries. India is likely to be a moderately growing economy in the Asia Pacific region over the next few years. India is focusing considerably on water and wastewater treatment throughout the country, wherein magnetic flow meters are used. EU5, which comprises the U.K., Germany, France, Italy, and Spain holds maximum share of the Europe magnetic flow meter market, owing to usage of magnetic flow meter systems for chemical, food & beverages, pharmaceutical, and oil & gas industries in these countries.
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Magnetic Flow Meter Market: Key Players
Key players operating in the global magnetic flow meter market include Badger Meter, Inc., Emerson Electric Co., Endress+Hauser AG, General Electric Co., Honeywell International Inc., KROHNE Messtechnik GmbH, McCrometer, Inc., Omega Engineering Inc., Siemens AG, Toshiba Corporation, and Yokogawa Electric Corporation.
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